Key Points
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Anthropic may start trading as early as next week.
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Amazon, Alphabet, and Nvidia have the most direct ties to the company.
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The “Magnificent Seven” has become the market’s shorthand for AI investing. These giants each have played a role in the hot technology and have reaped the rewards. But owning all seven isn’t the only way to play this boom, and right now it may not be the sharpest one. A new name is about to dominate the conversation: Anthropic, the company behind the Claude AI models.
Anthropic isn’t public yet, but it’s close. The AI lab said that it aims to sell 825 million shares in the range of $70 to $78. CNBC, citing people familiar with the matter, says pricing may happen on Nov. 18, and trading will begin the following day. Investors have closely watched Anthropic in recent months as it announced its intention to launch an IPO. Considering Anthropic’s soaring revenue, growth investors may flock to this tech player.
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Meanwhile, we may consider Anthropic-related investment opportunities, focusing on who gets paid when Anthropic spends. With all of this in mind, here’s how I’d rank six AI stocks by how directly they’re tied to the AI lab.
Anthropic’s enormous compute appetite
First, a quick catch-up. Anthropic was founded in 2021 and sells access to Claude through its platform and apps, including the Claude Code coding agent. Growth has soared, but so has the bill. The prospectus says Anthropic has roughly $900.9 billion in purchase and lease commitments, substantially all for compute and infrastructure, with about $70.7 billion due in the 12 months after Sept. 30. To keep up, it spreads work across chips from Amazon‘s (NASDAQ: AMZN) Amazon Web Services, Alphabet‘s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, Nvidia (NASDAQ: NVDA), and Advanced Micro Devices (NASDAQ: AMD).
Much of that spending lands on someone else’s income statement, which makes “Anthropic exposure” a spectrum. Here’s my scorecard, from most to least direct.
1. Amazon — Very direct. Amazon is investor, supplier, and sales channel at once. It holds convertible notes that had $6.2 billion in principal outstanding as of June 30, according to the filing, which also says Amazon will own more than 5% of Anthropic after conversion. Anthropic runs Claude on Amazon’s Trainium chips and sells it through AWS.
2. Alphabet — Very direct. Alphabet also expects to hold more than 5%. It’s one of seven companies that agreed to buy shares in a $26 billion private placement that closes after the IPO. Anthropic also relies on Google’s TPUs.
3. Nvidia — Direct, but narrower. Nvidia is participating in the same private placement, and Anthropic uses its graphics processing units (GPUs). But Anthropic deliberately mixes chips from several suppliers, and Nvidia’s fortunes ride on far more than one customer.
4. Bloom Energy (NYSE: BE) — Indirect. Anthropic plans dedicated data centers, with partners securing the power. Bloom’s onsite fuel cells fit that need, and Bloom already supplies other AI data center builders, so the company could potentially benefit from Anthropic’s growth.
5. Vistra (NYSE: VST) — Indirect. Vistra sells electricity to data center operators; Meta Platforms, for instance, signed a 20-year deal for output from three of its nuclear plants. That shows the demand is real, but it’s Meta’s deal, not Anthropic’s.
6. Oklo (NYSE: OKLO) — Speculative. Oklo, an advanced nuclear tech company, is developing a power campus in Ohio that will support Meta’s data centers in the area. So we could imagine Oklo potentially providing Anthropic with power down the road, but this link is hypothetical.
What the scorecard can’t tell you
Amazon and Alphabet are also Anthropic’s suppliers, so their gains depend on Anthropic’s valuation as well as its spending. The $26 billion placement is contingent on the IPO closing, and a delay or weak debut could negatively impact those involved. The power names, meanwhile, may benefit from AI demand overall without ever signing a contract with Anthropic.
So rather than buying all seven “Magnificent Seven” stocks, if you aim to benefit from Anthropic’s growth and the general AI boom, you might select a heavily exposed player such as Amazon as well as one with lighter exposure, like an energy company, and hold onto them as part of a well-diversified tech and industrial portfolio.
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Adria Cimino has positions in Amazon. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Bloom Energy, Meta Platforms, Nvidia, and Vistra. The Motley Fool has a disclosure policy.
